When you have severe creditor problems, your smartest option may be not to own your home. Lease a home with an option to buy. Have the option granted to an entity that you do not directly own. Once you resolve your creditor problems, you can exercise the option. Or a third party might buy the property through an LLC or land trust/LLC combination and directly or indirectly assign the option to you. There are numerous variations on this theme, but in no event should the option to buy the home extend directly to you because you'd then lose the option's economic benefit to your creditor or bankruptcy trustee.